QUESTION 1 A and B formed a partnership. The following are their contributions: Cash A 500,000 Accounts receivable 100,000 Building Total 700,000 700,000 600.000 A capital B, capital Total 600,000 700,000 700,000 600,000 Additional information: • The accounts receivable includes an 8% of the account that is deemed uncollectible. • The building is under-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is not assumed by the partnership. Requirement: Provide the joumal entry to record the contributions of the partners in the partnership books.
QUESTION 1 A and B formed a partnership. The following are their contributions: Cash A 500,000 Accounts receivable 100,000 Building Total 700,000 700,000 600.000 A capital B, capital Total 600,000 700,000 700,000 600,000 Additional information: • The accounts receivable includes an 8% of the account that is deemed uncollectible. • The building is under-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is not assumed by the partnership. Requirement: Provide the joumal entry to record the contributions of the partners in the partnership books.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![10:35 l ull a 25.0
68)
KB/S
f p1.png
QUESTION 1
A and B formed a partnership. The following are their contributions:
B
Cash
500,000
Accounts receivable
100,000
700,000
Building
Total
600,000
700,000
A, capital
B, capital
Total
600,000
700.000
600,000
700.000
Additional information:
• The accounts receivable includes an 8% of the account that is deemed uncollectible.
• The building is under-depreciated by P50,000.
The building has an unpaid mortgage P100,000, which is not assumed by the
partnership.
Reguirement:
Provide the journal entry to record the contributions of the partners in the partnership books.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2759ed3e-bd74-4559-b4d8-7ac0760f8d83%2Fbcc28513-402a-4796-8af1-f3529fbfac14%2F39eb87f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10:35 l ull a 25.0
68)
KB/S
f p1.png
QUESTION 1
A and B formed a partnership. The following are their contributions:
B
Cash
500,000
Accounts receivable
100,000
700,000
Building
Total
600,000
700,000
A, capital
B, capital
Total
600,000
700.000
600,000
700.000
Additional information:
• The accounts receivable includes an 8% of the account that is deemed uncollectible.
• The building is under-depreciated by P50,000.
The building has an unpaid mortgage P100,000, which is not assumed by the
partnership.
Reguirement:
Provide the journal entry to record the contributions of the partners in the partnership books.
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